Galaxy Entertainment<\/a><\/em><\/strong> in the project.<\/p>\n\n\n\nLRWC Chairman Eusebio H. Tanco gave an interview last week after the Philippine Stock Exchange Bell Awards 2020 and explained the company decision. \u201cWala na\u2026 We are not looking at casino. But I\u2019m keeping that piece of land. I\u2019ll just hold on to that piece of land, but I\u2019m not going to do a casino there. I\u2019ll just land-bank it,\u201d said.<\/p>\n\n\n\n
The project was announced in December 2017, when LRWC bought the parcels of land in Boracay in 2017 for $500 million for a resort development. <\/p>\n\n\n\n
But after the announcement, Philippine President Rodrigo Duterte closed the island destination to tourism out of concerns for the environment. He said that the increased number of visitors on the island was turning Boracay into a \u201ccesspool.\u201d<\/p>\n\n\n\n
Despite LRWC is not longer interested in the casino in Boracay, Galaxy Entertainment will continue to try to move ahead with the project. The Philippine Amusement and Gaming Corp (PAGCOR) president and chief operating officer, Alfredo C. Lim explained that the \u201cenvironmentally-friendly approach\u201d makes possible the idea to develop a casino in the island.
<\/p>\n","protected":false},"excerpt":{"rendered":"
The project was announced in December 2017, when LRWC bought the parcels of land in Boracay in 2017 for $500 million for a resort development.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Leisure & Resorts World Corp. (LRWC) has abandoned its plan to develop a casino on its 23-hectare Boracay property, ceasing its collaboration with Galaxy Entertainment. This strategic pivot follows environmental concerns raised by Philippine President Rodrigo Duterte, which previously led to the island's temporary closure to tourism. Despite LRWC's withdrawal, Galaxy Entertainment and PAGCOR indicate continued interest in an \"environmentally-friendly\" casino development on the island.","focusai_entities":"Leisure & Resorts World Corp. (LRWC), Galaxy Entertainment, Eusebio H. Tanco, Philippine Stock Exchange, Rodrigo Duterte, Philippine Amusement and Gaming Corp (PAGCOR), Alfredo C. Lim","focusai_location":"Philippines, Boracay","focusai_target_profile":"ceo_executive (0.9), regulator (0.85), compliance_legal (0.75), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Galaxy's Environmental Compliance?","query":"What are the specific environmental compliance hurdles Galaxy Entertainment must overcome to proceed with a Boracay casino project, given the President's prior concerns?"},{"label":"LRWC Capital Allocation Impact?","query":"How will LRWC's decision to land-bank the Boracay property impact its long-term capital allocation strategy and shareholder value, following the $500 million initial investment?"}],"footnotes":""},"categories":[160,28,16333],"tags":[96,29,1263,3857,128],"class_list":["post-1429","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-casino-news","category-south-east-asia-news","tag-asia","tag-casino","tag-galaxy","tag-lrwc","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=1429"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1429\/revisions"}],"predecessor-version":[{"id":1438,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1429\/revisions\/1438"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=1429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=1429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=1429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}